Benefits of Online Cash Advance Loans

Sometimes money gets unexpectedly tight or a surprise expense pops up. An online cash advance loan can help tide a borrower over until the following payday. No one can predict when they may be faced with a car repair expense or have to replace a faulty water heater. Little emergencies can happen at any time and we are not always prepared to pay for them. Online cash advance loans are a practical solution.

It’s easy to apply for a cash advance loan online and easy to qualify. Extensive documentation is not necessary. A borrower is usually asked to supply three things. The first is contact information that usually includes name, address, telephone number and Social Security number. Next is identification by means of a driver’s license or other verification, and third, a recent pay stub. Decisions can be made in an hour, and payout can happen within 24 hours.

A borrower needs only a personal computer to apply. Application is quick and easy and can be done right from the borrower’s home. Online cash advance lenders use top-flight security, making personal information as secure as with other banking procedures. Thanks to the internet applications can be made 24 hours a day, 7 days a week.

A credit check is not necessary for online cash advance loans. A borrower may have bankruptcies, repos, or difficulties with arrears but this will not influence a cash advance loan. The security for these loans is easy. A borrower doesn’t need to offer anything more than a pre-dated check or written authority for the lender to withdraw the full loan amount from the borrower’s checking account on the prearranged day. This is done electronically with the borrower’s checking account information including account number and routing number.

Lenders will specify a minimum weekly income for qualification but the amount is usually low and allows for most employed people to qualify for the loans. Many loan sites will offer renewal options if their state laws allow. This means that payment can be extended for an extra pay period. This feature makes it even easier to handle those unexpected expenses. The initial fee will be charged on any amount that is renewed.

Convenience is the hallmark of this type of loan. It is not necessary to travel to a storefront. Making an online application means the borrower doesn’t have to wait in line or face the embarrassment of a public transaction. Since all business is conducted online the process is discreet, ensuring the privacy of the borrower.